Second-To-Die Insurance

Think of it as tag-team life insurance. You're in your early 30s and you want a million dollar policy. The only catch: when only one of you (you're a married couple) dies, nothing happens, other than that there's more room in bed now (save for the occaionally-visiting-Bjorn-the-pool-dude).

The policy pays the million bucks only when the second of you dies. And then it pays to your progeny, your old university, or maybe even Bjorn. From the insurance industry's perspective, they're kinda "hedge," in that they get more time for your invested money in them to compound away a few more years as the second party dies.

Higher margin to the insurance company; cheaper rates to the insured.